25 replies to this topic

[Devdave]

The story is here:

http://www.news10.ne...p...151&catid=2

A lot more information can be found here: Folsom made the TheRegister.
http://www.theregist...ecurites_fraud/

[folsombound]

Saw this on the news a little while ago. Not quite Bernie Madoff but still not good. I don't understand how these slimy bastards get away with stuff like this.

[empirerancher]

Saw this on the news a little while ago. Not quite Bernie Madoff but still not good. I don't understand how these slimy bastards get away with stuff like this.

uhh...they're going to jail. So while they fooled many with their "3 card monte" scam, this game always ends the same way -- when people want their money and there aren't any new "investors", their scam comes to light.

[Dave Burrell]

uhh...they're going to jail. So while they fooled many with their "3 card monte" scam, this game always ends the same way -- when people want their money and there aren't any new "investors", their scam comes to light.

Madoff plead guilty this morning. I think 150 years in jail is too nice - he should be executed for stealing people's life savings... or at the least let the victims take shots at him for revenge

[john]

uhh...they're going to jail. So while they fooled many with their "3 card monte" scam, this game always ends the same way -- when people want their money and there aren't any new "investors", their scam comes to light.

Wait a minute, isn't that what our current social security program does???

[mylo]

A lot more information can be found here: Folsom made the TheRegister.

and BusinessWeek
http://www.businessw...s/D96S4R1G0.htm

and Bloomberg
http://www.bloomberg...id=aiuUs_l8gpz8

[Robert Gary]

Wait a minute, isn't that what our current social security program does???

It certainly is. Social Security is the worst financial investment you could ever make. If the gov't didn't madate it few would fall for such a scam.

[empirerancher]

Wait a minute, isn't that what our current social security program does???

it's not a "ponzi" scheme if it is backed by our government...it's an "entitlement" scheme.

[empirerancher]

Madoff plead guilty this morning. I think 150 years in jail is too nice - he should be executed for stealing people's life savings... or at the least let the victims take shots at him for revenge

execution is too easy...send him to Guantánamo for its final send-off.

[mylo]

execution is too easy...send him to Guantánamo for its final send-off.

Why, so he can be released early and sent home?

[Robert Gary]

execution is too easy...send him to Guantánamo for its final send-off.

Fun in the sun at Club Gitmo? Is that like the old woman who was tortured with fluffy pillows and the comfychair?

-Robert

[old soldier]

I saw this on the news, and they sort of made fun of the fact that this outfit operated right across the street from our police department

seems like the folks who invest in these too good to be true deals are either greedy, stupid or both.

our police can't feel too bad about missing this one. I read in the city news bulliton that they got over 470 DUI arrests last year. you take the size of our city and compare with what the CHP does they could take a lesson from our boys and girls.

They ought to put up a sign across the street at riley and sutter with the number of arrests made so the folks that come to all those honkey tonks down there could beware or even take their business elsewhere.. but then again all the money from the dui arrests might just balance the city budget

[Robert Gary]

I saw this on the news, and they sort of made fun of the fact that this outfit operated right across the street from our police department

seems like the folks who invest in these too good to be true deals are either greedy, stupid or both.

Amazingly many Ponzi schemes don't start out as scams. They start out as real investments. When the investments stop paying so well the manager is afraid to tell clients its not doing well and then starts pulling new money to pay dividends.

The bottom line problem in all this is that most professional brokers/investment advisors/etc are afraid to admit the truth. *Most people should not be investing in the stocks market for anything other than long term retirement*. If you are going to cry about losing a large percentage of your money in the short term you shouldn't be investing. If you are using money that you think you might need in the next 5 years you shouldn't be investing. Go to eTrade and make 3% in a gov't insured savings account. I've had months where I've lost enourmous amounts of money in the stock market. If I wasn't able to accept that as the risks I wouldn't be investing.


-Robert

[MSgt]

it's not a "ponzi" scheme if it is backed by our government...it's an "entitlement" scheme.

They all have their schemes and we pay the price. One big difference with SSI is we elect those who pull the wool over our eyes. We must like being taken advantage of. I know I love it.

[MSgt]

Madoff plead guilty this morning. I think 150 years in jail is too nice - he should be executed for stealing people's life savings... or at the least let the victims take shots at him for revenge

He said he was sorry